820,000-Square-Foot Central Florida Industrial Portfolio Changes Hands
LONGWOOD, Fla., Jan. 24, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of the American Industrial Center (AIC), an 820,000-square-foot industrial park in Longwood, Florida.
“AIC is the largest continuously owned multi-tenant, dock-high and grade-level loading industrial park in Seminole County,” said Douglas K. Mandel, senior managing director investments in Marcus & Millichap’s Fort Lauderdale office. Mandel and Nicholas Hanson, senior associate in Marcus & Millichap’s Orlando office, represented the buyer, a joint venture between Blue Vista Capital Management LLC and Logistics Investment Management. The seller is a private family.
“The transaction is one of the largest industrial park sales in the history of the Orlando market,” said Hanson. “AIC was 95 percent occupied at the time of sale, which provides the purchaser with strong cash flow as well as the ability to further enhance returns by investing incremental capital to improve rental rates. Seminole County industrial tenants typically prefer spaces that average between 3,000 and 40,000 square feet and AIC’s configuration fits perfectly within that size range,” concluded Hanson.
Logistics Investment Management is led by Dann M. Thomasson and Brian D. Trahan. “We could not be more pleased with the level of execution expertise and professionalism Marcus & Millichap brought to the transaction,” added Thomasson.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.